Synthetic polymers are large molecules of repeating units called monomers that are chemically bonded together through polymerization. These polymers are artificially created through various chemical processes and are widely used in multiple industries due to their versatility, durability, and customizable properties.
Sizing and Forecast
The synthetic polymers market size has grown strongly in recent years. It will grow from $31.76 billion in 2023 to $33.6 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to industrialization and urbanization, rising consumer goods manufacturing, advancements in material science, infrastructure development, automotive industry expansion..
The synthetic polymers market size is expected to see strong growth in the next few years. It will grow to $42.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to growing packaging industry, rising focus on sustainable polymers, expanding healthcare sector, global economic recovery.. Major trends in the forecast period include bio-based polymers, advanced polymer processing technologies, electrically conductive polymers, polymer blends and alloys, medical and healthcare polymer applications..
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Segmentation & Regional Insights
The synthetic polymers market covered in this report is segmented –
1) By Type: Styrene Acrylic, Styrene Butadiene, Acrylic, Vinyl Acetate Copolymer, Polyvinyl Acetate, Vinyl Acetate Ethylene, Other Types
2) By Application: Paints And Coatings, Adhesives And Sealants, Nonwovens, Carpets, Paper And Paperboard, Other Applications
3) By End User: Construction, Automotive, Electronics, Textile, Healthcare, Other End-Users
Asia-Pacific was the largest region in the synthetic polymers market in 2023. The regions covered in the synthetic polymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing residential and commercial construction is expected to propel the growth of the synthetic polymer market going forward. Residential and commercial construction refers to constructing buildings and structures for residential and commercial purposes. It involves the planning, design, and execution of construction projects that create living spaces, offices, retail spaces, hotels, and other commercial establishments. Synthetic polymers are extensively used in residential and commercial construction due to their versatility, durability, lightweight, cost-effectiveness, and reduced maintenance. These advantages make them a preferred choice in many construction applications. For instance, in April 2023, according to the reports shared by the United States Census Bureau, a US-based government agency, the overall value of residential and non-residential constructions in US increased by over 8 % between 2020 and 2021. Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42 %, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, increasing residential and commercial buildings is driving the growth of the synthetic polymer market.
Key Industry Players
Major companies operating in the synthetic polymers market report are ExxonMobil Chemical, Sumitomo Chemical Co. Ltd., Dow Inc., SABIC, LG Chem Ltd., 3M Co, Mitsubishi Chemical Corporation, Evonik Industries, Toray Industries, Solvay SA, Chevron Phillips Chemical Company, DuPont, Arkema SA, Eastman Chemical Company, Celanese Corporation, Wacker Chemie AG, Huntsman Corporation, Lubrizol Corporation, Kuraray, Trinseo LLC, Asahi Kasei Corporation, ZEON Corporation, Kraton Corporation, BASF SE, OMNOVA Solutions Inc., Apcotex Industries Limited., Lion Elastomers LLC, Alberdingk Boley GmbH
The synthetic polymers market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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